WTO chief warns against escalation of trade tensions between US, Other major economics

World Trade Organisation Chief Roberto Azevedo warned against a damaging escalation of trade tensions between the United States and other major economies, following a divisive G7 summit.

Mr Roberto said, the trade war would have a long term impact on the global economy. He said this, at a Berlin meeting with German Chancellor Angela Merkel and leaders of the IMF, World Bank and other international institutions.

Mr Rroberto said the tit-for-tat process is not going to be helpful and new sectors will be brought into the picture, which is something that will harm everyone.

The EU has vowed to retaliate against US metal tariffs imposed by US President Donald Trump, and tensions worsened at a Group of Seven summit in Canada after Trump rejected an attempt to write a consensus statement.

The joint communique which Trump rejected had vowed that G7 members would reform multilateral oversight of commerce through the WTO and seek to cut tariffs.